Consumer confidence in the US
unexpectedly declined in Jul to a 4-month low as Americans’
outlook for the economy dimmed. The Thomson Reuters/University of Michigan preliminary index of sentiment dropped to 81.3 from 82.5 in Jun.
The projection called for a Jul reading of 83. Higher prices at grocery-store checkout lines are souring
attitudes & straining household budgets as they take a bigger
bite out of workers’ paychecks. Absent a pickup in wage growth,
a higher cost of living raises the risk that consumer spending,
which accounts for almost 70% of the economy, will cool.

Buyers returned although volume is light as is typical on a summer Fri. Google (GOOG) jumped 15 after reporting earnings last night. But consumer data continues to be spotty. The airplane disaster in Ukraine is largely ignored today as is Israel's offense in Gaza. This is a very troubled world without a clear leader, a troubling sign for a so called bull market.